Saudi Aramco Q1 profit jumps 26% as key pipeline reaches capacity amid Iran war
Aramco says its East-West pipeline has helped to mitigate the energy shock caused by the Iran war.
AI Summary
Saudi Aramco reported Q1 2026 profits of $33.6 billion, a 26% year-on-year increase that beat analyst expectations, driven in part by its East-West Pipeline reaching full capacity of 7.0 million barrels per day. The pipeline has become critical infrastructure for bypassing the Strait of Hormuz, which Iran has blockaded, causing significant global energy disruptions and contributing to Brent crude prices rising 95% in the quarter. Oil prices remain elevated amid ongoing Iran-related tensions and shipping constraints in the region.